Increase in Closed Sales of Single-Family Homes in Greater Hartford

9.22.2020

Increase in Closed Sales of Single-Family Homes in Greater Hartford

Median sales price up over 14 percent

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(Hartford, Conn., September 22, 2020) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford increased 23.63 percent over August of last year (from 673 to 832). The median sales price increased 14.17 percent (from $254,000 to $290,000) and pending sales rose 29.26 percent (from 639 to 826). New listings increased 1.10 percent (from 817 to 826) and inventory dropped 34.16 percent (from 2693 to 1773), during this same timeframe.

In year-to-date statistics, year over year, new listings decreased 12.66 percent (from 7046 to 6154). Pending sales increased 6.26 percent (from 4582 to 4869) and closed sales increased 1.59 percent (from 4477 to 4548). The median sales price increased 6.85 percent (from $248,000 to $265,000) and the average days spent on market decreased 6.78 percent (from 59 to 55 days), during this same year to date, year over year, timeframe.

Condominium closed sales increased 6.02 percent (from 166 to 176) and pending sales increased 30.92 percent (from 152 to 199) over August of 2019. The median sales price increased 10.47 percent (from $160,000 to $176,750) and inventory decreased 26.41 percent (from 602 to 443).

“Typically, sales slow as the school year begins but our Greater Hartford housing market remains solid,” said GHAR CEO, Holly Callanan. “Multiple offers could continue until inventory levels off so it’s best to get expert advice from a Realtor early in the process,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, stated: “The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days. With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 4000 members in the 27 town Greater Hartford real estate brokerage community. The Association provides technology, training, networking and business support to members, and supports a healthy real estate market by upholding high professional and ethical standards through a Code of Ethics, ongoing education and certification programs. As the advocate for the real estate brokerage industry, GHAR is the Voice for Real Estate® in the Greater Hartford region. For more information, call 1.860.561.1800 or visit www.gharonline.com.

Keara Langston, Communications Director
Greater Hartford Association of REALTORS®
t: 860.561.1800  f: 860.561.3573
www.gharonline.com


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Increase in Closed Sales of Single-Family Homes in Greater Hartford
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10/15/2020
Over 20 Percent Increase in Median Sales Price of Single-Family Homes in Greater Hartford
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